Bed Bath & Beyond Net Jumps 58 Percent in First Quarter
UNION, N.J.-First-quarter net income for Bed Bath & Beyond reached $137.6 million, an increase of 58 percent over the bottom line in last year's first quarter.
The retailer's performance came about from a 13.5 percent rise in first-quarter net sales, which totaled $1.9 billion and which included a whopping 8.4 percent gain in same-store sales companywide. Bed Bath & Beyond also held its expenses relatively in check--with selling, general and administrative expenses edging up 4.8 percent and with a gain of 95 basis points in gross margin, which was 40.3 percent for the quarter.
During the first quarter, the company opened two Bed Bath & Beyond stores and two buybuy Baby stores. As of May 29, the company had 1,104 stores in all, which included 967 Bed Bath & Beyond stores in 49 states, the District of Columbia and Canada; 31 buybuy Baby stores; 61 Christmas Tree Shops; and 45 stores under the Harmon or Harmon Face Values names. Since May 30, which is the beginning of its fiscal second quarter, the company has opened one additional Bed Bath & Beyond store.